en.Wedoany.com Reported - Canada's Cosa Resources (TSX-V:COSA) has successfully completed an oversubscribed private placement, raising a total of C$12.01 million (approximately US$12.24 million), which will be used to advance its uranium exploration projects in the Athabasca Basin, Saskatchewan.
The offering specifically includes: 5.84 million common shares at C$0.60 per share; 3.05 million Saskatchewan charity flow-through shares at C$0.99 per share; 4.02 million national charity flow-through shares at C$0.87 per share; and 2.86 million flow-through shares at C$0.70 per share.
Velocity Capital Partners served as the sole bookrunner for the offering, Haywood Securities acted as co-lead underwriter, and Canaccord Genuity was a member of the underwriting syndicate.
Major shareholder Denison Mines (TSX:DML) purchased 750,000 shares through the exercise of its preemptive and top-up rights. Following the placement, Denison holds a 16.2% interest in Cosa on a partially diluted basis, down from the previous 17.7%.
Proceeds from the non-flow-through shares will be used for exploration, development, and working capital requirements. Proceeds from the flow-through shares will be used to pay qualifying Canadian exploration expenses for Cosa's uranium projects in the Athabasca Basin before December 31, 2027, with the relevant qualifying expenditures to be renounced to subscribers by December 31, 2026.
Cosa paid the underwriters a cash commission of C$570,748 and issued 795,600 compensation warrants, exercisable at C$0.60 per share until June 24, 2028.
The company's directors and officers participated in the placement, purchasing a total of 778,400 common shares and 363,700 flow-through shares, for a total amount of C$721,630. Insider participation is subject to exemptions under securities regulations.
Through wholly-owned and joint venture projects, Cosa operates a total land package of 237,000 hectares in northern Saskatchewan. The company's 2026 drilling program will target the Murphy Lake North and Darby projects in the eastern Athabasca Basin.
Drilling at the Murphy Lake North project will follow up on uranium mineralization in the Cyclone trend, while work at the Darby project will test anomalous geochemical and alteration zones identified in recent and historical drilling.
Cosa Resources is a Canadian uranium exploration company focused on advancing a portfolio of uranium projects in the Athabasca Basin, northern Saskatchewan.
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